A new chancellor of the exchequer, George Osborne, is now in charge of the nation's purse strings and responsible for drawing up the policies that will have a direct impact on your pocket. So what will the new political order mean for your personal finances?

If you are elderly, where does the new coalition government stand on funding long-term care? What will happen to your state pension? Will you still get free TV licences and help towards heating costs? Will there be a rise in the inheritance tax threshold to allow you to pass on all your assets to the people you love? If you are a parent, will you still get child tax credits? What about child benefit? Do you need to save more than ever towards university fees?

And if you are a vehicle owner could you finally see the duty on petrol cut? Could a VAT increase wipe out any gains you make elsewhere in your spending?